Shared Appreciation Mortgage (SAM)
A mortgage on which the borrower gives up a share in future price appreciation in exchange for a lower interest rate and/or interest deferral. SAM's in the private market had a brief flurry in the early '80s but died out quickly and an attempt to revive them in 2000 was unsuccessful. Some cities on the West Coast offer second mortgage SAM's to residents with incomes below some maximum. Reverse mortgage SAM's have also appeared in small numbers.
Popular Mortgage Terms
A lenders requirements regarding how information about income and assets must be provided by the applicant and how it will be used by the lender. The following categories have evolved in ...
A loan with no down payment. ...
Making a payment larger than the fully amortizing payment as a way of retiring the loan before term. Making Extra Payments as an Investment: Suppose you add $100 to the scheduled ...
A multi-lender Web site that offered borrowers the capacity to shop among multiple competing lenders. ...
The definition of affordability in real estate is simply a buyer’s capacity to afford a house. Affordability is usually expressed in terms of the maximum amount a buyer will be able ...
Loan applications that are withdrawn by borrowers, because they have found a better deal or for other reasons. ...
A borrower who must use tax returns to document income rather than information provided by an employer. ...
Assuming responsibility for someone else's payment obligation in the event that that party defaults. ...
Insurance provided the lender against loss on a mortgage in the event of borrower default. In the U.S., all FHA and VA mortgages are insured by the federal government. On other mortgages, ...
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